Housing pain

San Antonio sees nation's second biggest spike in rent prices, says new study

San Antonio is one of seven major metros where growth in rents surpassed growth in home values from 2000 to 2022.

Photo by SeanPavonePhoto/Getty Images

If a new study is an accurate indicator, renters in San Antonio have experienced more sticker shock in the past two decades than homeowners.

The study, published by Clever Real Estate’s Real Estate Witch website, shows the San Antonio metro area was among seven major metros where the growth in rents surpassed the growth in home values from 2000 to 2022.

Rents in the San Antonio area climbed from $383 in 2000 to $1,165 in 2022, up 204 percent, according to the study. Among the 50 largest metros, San Antonio ranked second for the steepest rent hikes, behind only Nashville (179 percent).

Meanwhile, home values in San Antonio jumped from $130,821 in 2000 to $309,475 in 2022, up 137 percent.

Even though rents soared over a 22-year span, San Antonio is one of only four major metros where the rent-to-income ratio is lower than the national median, says the study, based on federal data for the country’s 50 biggest metro areas. The ratio is 16.4 percent in San Antonio, compared with 16.5 percent nationally. In other words, rent is more affordable in San Antonio compared with the rest of the country.

According to rental platform Apartment List, San Antonio rents increased 14.5 percent from May 2021 to May 2022.

“This is the fifth straight month that the city has seen rent increases after a decline in December of last year,” Apartment List says.

Still, San Antonio’s year-over-year rent growth lags the Texas average (14.8 percent), as well as the national average (15.3 percent), according to Apartment List.

reports rent

bang for your buck

San Antonio ZIP code is 4th most affordable place for renters in U.S.

Photo by Florian Schmid on Unsplash

undefined

Trying to afford buying a home in San Antonio is difficult enough with current mortgage rates, and doubly so if you're already paying high rent on an apartment or a house. But there are six San Antonio ZIP codes where renters can get the most bang for their buck, according to a new study by financial services company CashNetUSA.

To find the most affordable ZIP codes for renters in the U.S., analysts compared median household incomes by ZIP code to the average annual rent costs in those areas using the Zillow Observed Rent Index. ZIP codes where the average annual rental constituted the lowest percentage of median household income were considered the "most affordable."

San Antonio's 78248 ZIP code specifically stood out as the No. 4 most affordable in the country, and the No. 1 most affordable in Texas. This area encompasses the north San Antonio neighborhoods of Inwood, Forests at Inwood, Oakwood, The Park at Deerfield, Canyon Creek Bluffs, Canyon Creek Village, Blanco Village, Deerfield, Cadillac Drive, and Churchill Estates.

According to the study's findings, the average monthly cost of a rental in 78248 comes out to $1,259.17, and the median annual income of a household in the area is $122,986. Analysts then calculated that the annual rent of a home in this ZIP code only takes up 12.29 percent of a household's median income, which is the fourth-lowest in the nation.

CashNetUSA found the No. 1 most affordable ZIP code for renters nationwide is 66224 in Leawood, Kansas, where annual rent only takes a 10.57 percent cut out of a household's median annual income.

Elsewhere in Texas, two Houston-area ZIP codes – 77401 and 77094 – ranked No. 9 and No. 12 nationally, while Allen's 75013 ZIP code fell two spots behind to claim the No. 14 spot.

The most affordable San Antonio-area ZIP codes for renters
CashNetUSA further unveiled the five most affordable ZIP codes across major U.S. cities, including in San Antonio, Austin, and Houston.

Following 78248 (which took the No. 1 spot citywide) is 78261 (No. 2), which spans east of Highway 281, across Smithson Valley Road. Rent costs in this ZIP code averaged out to $1,698 per month, the report found.

Landing in the No. 3 spot is 78258, which includes Rogers Ranch, The Vineyard, Stone Oak, Summit, Hidden Canyon, and Big Springs neighborhoods. The report said average rent in the area comes out to $1,507 per month, which takes up 17.54 percent of a household's median annual income.

The remaining top two most affordable ZIP codes for San Antonio renters are located in 78259 (Encino Park, Encino Ranch, Cavalo Creek Estates, Northwood Hills, Summit at Bulverde Creek, Roseheart, Redland Woods) and 78260 in Timberwood Park, which is about 25 miles north of downtown San Antonio.

rent rent prices affordable housing